SCHEDULE OF CHARGES & FEES

Transcription

1 Twelfth Edition Effective 29th August 2014

2 Dear Customer, We are pleased to detail herewith our standard Schedule of Charges & Fees, which is applicable for transactions carried out by Bank of Maldives Plc. This list is not exhaustive and there may be additional services provided by the bank from time to time for which additional charges may be applicable. If in doubt, please do not hesitate to contact your Branch Manager. Thank you. Note: All charges are subject to change. Page 2 of 28

7 1.2 Saving Account SCHEDULE OF CHARGES & FEES EUR Maintenance/service charge (annually) Applicable on Inactive Accounts Minimum balance to open an account (primary) Minimum balance to open an account (secondary) 2, Minimum balance requirement (primary) NIL Minimum balance requirement (secondary) 2, Cheques returned due to insufficient funds (per cheque) Issuance of cheque books Price per cheque book: 5 leaves 5.00 Price per cheque book: 5 leaves leaves leaves 2.00 Issuance of cheque books (due to lost/misplaced) Stopped cheques (per request) Account statements Free of charge Free of charge - Account statements - to send by fax (local) Free of charge Free of charge - Account statements - to send by fax overseas (per page) E-statement service Service Discontinued with introduction of MIB Account statements - issuance of duplicate statements - per month Free of charge Free of charge - Standing Orders (per transaction) Payment Guarantee on cheques (per cheque) - temporarily discontinued Payment by Cashiers Order to accounts with other banks Details below in Cashier's Cheque Section Cashiers Order issued Details below in Cashier's Cheque Section Photocopy of paid cheque (when there is no apparent discrepancy on the cheque) per cheque Account closing charges Issuance of passbook The service has been discontinued Flat fee on regulatory enforced payments Deposit of notes of $5 and below 3% Note: Interest is calculated daily on cleared funds less 2, for Rufiyaa Accounts and less for US Dollar Accounts at the rate of 2.25% and 1.50% respectively. If balance falls to 2, or and below NO INTEREST IS CALCULATED for that day. For amounts exceeding 100,000 and 50,000 interest is calculated daily at the rate of 2.50% and 3.00% respectively. Additionally these Savings Accounts should not have more than 5 debit transactions within that calendar month. If number of debit transactions within a month exceeds 5 transactions, NO INTEREST IS CALCULATED for that month. POS transactions will be excluded when counting the number of debit transactions. Interest is credited to Savings Account at the end of December. Inactive Accounts are accounts which has experienced no customer or depositor originated activity over a period of 24 (twenty four) months but not exceeding 5 (five) years. Page 7 of 28

10 2. Interest Rates 2.1 Bank of Maldives Base Rate Base Rate 9% p.a. 2.2 Current and Saving Accounts EUR Interest paid on Current accounts Nil Nil - Interest paid on Saving accounts 2.25%-2.5% 1.50%-3% - Note: Interest is calculated daily on cleared funds less 2, for Rufiyaa Accounts and less for US Dollar Accounts at the rate of 2.25% and 1.50% respectively. If balance falls to 2, or and below NO INTEREST IS CALCULATED for that day. For amounts exceeding 100,000 and 50,000 interest is calculated daily at the rate of 2.50% and 3.00% respectively. Additionally these Savings Accounts should not have more than 5 debit transactions within that calendar month. If number of debit transactions within a month exceeds 5 transactions, NO INTEREST IS CALCULATED for that month. POS transactions will be excluded when counting the number of debit transactions. Interest is credited to Savings Account at the end of December. 2.3 Fixed Deposit Account Interest paid on Fixed Deposits (all rates are in percentage per annum) 6 months 12 months 24 months over 24 months 10,000 to 50, ,001 to 1,000, ,000,001 to 5,000, ,000,001 to 10,000, ,000,001 and above months 12 months over 12 months 5,000 to 50, ,001 to 100, ,001 to 250, ,001 to 1,000, ,000,001 and above Note: Early withdrawal of Fixed Term Deposits is at the Bank s discretion and NO interest will be paid. Page 10 of 28

12 2.9 Trade Services Inland Letter of Credit (L/C) Document settlement Charges inland Letter of Credit (from date of payment of the bill by us to date we receive payment) Discounting of Documents Charges on Beneficiary (from date of payment of the bill by us to date receive payment) 11.75% 13.0% 11.75% 13.0% Note: A charge of 5% p.a. above bank s normal lending rate will be levied for overdue bills 10 working days after receipt of documents for Sight bills and/or 10 days after maturity for Usance bills Page 12 of 28

13 3. Credit Limits 3.1 Balance Confirmation Charge Balance confirmation charge Free of charge Free of charge 3.2 Arrangement, Amendment, Enhancement, Renewal, Commitment & Prepayment Fee Fee Type Description Fee percentage for all loans and advances Arrangement fee Charged on all new credit limits 1.50% of the limit (for OD/LC/BG/TRDL facilities 0.125% per month or part thereof) Enhancement fee Charged on the enhancement amount 1.50% of the enhanced amount (for OD/LC/BG/TRDL facilities 0.125% per month or part thereof) Extension fee Charged on all renewal / extension / 1.50% p.a. of the effective reschedulement of credit limits involving limit an increase in term of the credit facility (for OD/LC/BG/TRDL facilities 0.125% per month or part Amendment fee Commitment fee Prepayment fee Charged on all other amendments to credit limits not involving an increase in term of the credit facility Payable on undisbursed loan amounts above 1,000,000 / 100,000 (payable quarterly on the undisbursed amount, based on calendar quarters) Payable on prepayment amount above 1,000,000/100,000 (prepayment fee will be charged if the prepayment is earlier than 60 days before the due date) Minimum Fee 1, , , thereof) 1.00% of the effective limit 1, % of the undisbursed amount 1.00% of the prepaid amount 15,000 1,500 Note: a) Arrangement fee Applicable on all new credit facilities: charged on the new loan amount for loan facilities; and charged on the new limit for the duration from sanction date to expiry for other credit limits. b) Enhancement fee Applicable on all increases in previously sanctioned credit facility limits: charged on the enhanced amount for loan facilities; and charged on the enhanced amount for the duration from date of enhancement sanction to expiry for other credit limits. For all enhancements, enhancement fee plus extension or amendment fee as applicable will be charged. Nil Nil Page 13 of 28

14 c) Extension fee Applicable on all amendments involving an increase in term of the credit facility: charged on the outstanding amount for loans; and charged on the existing limit for other credit facilities (if limit is reduced, charged on the reduced limit). d) Amendment fee Applicable on all amendments not involving an increase in term of the credit facility: charged on the outstanding amount for loans; and charged on the existing limit for other credit facilities e) Commitment fee For the purpose of charging commitment fee, calendar quarters ending March, June, September and December will be used. Commitment fee on loans will not be charged during the quarter within which date of sanction letter falls. f) Exceptions The above charges and fees may be exempt or vary for loans approved under special schemes. Page 14 of 28

15 4. Guarantees 4.1 Commission Guarantees up to 10,000,000/ 1,000,000 (commission will be charged per 90 day quarter, or part thereof) 0.5% per quarter (2.0% per annum) Guarantees above 10,000,000/ 1,000,000 (annually up-front recoverable in advance) 1.0% per annum Minimum commission Administrative fee (for all Guarantee requests received less than 5 business days prior to the date the Guarantee is required) Advising Guarantees Advising guarantees without our responsibility Advising guarantee amendments without our responsibility per amendment (increase in amount/extension of validity) Advising guarantee amendments without our responsibility per amendment (other amendments) Page 15 of 28

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